THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – October 14, 2014


As we look at today's setup for the S&P 500, the range is 88 points or 1.37% downside to 1849 and 3.32% upside to 1937.                                                          

SECTOR PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10B

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.81 from 1.86
  • VIX closed at 24.64 1 day percent change of 16.01%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8:30am: NFIB Small Business Optimism, Sept, est 95.8 (pr 96.1)
  • 8:55am: Redbook weekly sales
  • 11am: U.S. to announce plans to auction of 4W bills
  • 11:30am: U.S. to sell $24b 3M bills, $27b 6M bills
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • Senate, House out of session
    • Supreme Court may release list of cases it plans to consider
    • Sec. of State John Kerry meets with Russian Foreign Minister Sergei Lavrov in Paris
    • Obama at meeting with >20 foreign defense chiefs/ Joint Chiefs of Staff Chairman Martin Dempsey at Andrews
    • 9am: Mexican Secretary of Economy Ildefonso Guajardo speaks at Woodrow Wilson Center
    • 9:30am: Kaiser Family Foundation releases 50-state Medicaid budget survey, holds briefing
    • U.S. ELECTION WRAP: Debates in Ky, Ark; Ebola; SD Polls, Ads

WHAT TO WATCH:

  • JPMorgan 3Q Profit Misses, Rev Beats; Down 1% Pre-Mkt
  • Too-Big-to-Fail Banks Face Capital Gap of Up to $870b
  • Repo Traders Face FSB Collateral Rule in Shadow Bank Crackdown
  • Google Expands U.S. Shopping Service in Challenge to Amazon.com
  • BlackRock Confident on 5% Growth Target on Shift From Cash
  • EMC Acquiring Cloud Startup Cloudscaling to Boost Storage Sales
  • Billionaire Niel’s Iliad Surges After Dropping T-Mobile US Bid
  • Scrapped Deals at 6-Yr High as Iliad Walks Away From T-Mobile
  • Gazprom 2Q Profit Rises Less Than Forecast; Revenue Increases
  • SABMiller Sales Trail Estimates Amid Weaker Volumes in Asia
  • Chevron Delays $12b Deep Water Drilling Project: Jakarta Post
  • Samsung Electronics to Make Facebook Exclusive Phone: Daily
  • Apple Won’t Introduce Retina Macbook Air on Oct. 16: Re/code
  • Bumble Bee Said to Attract Bids From Thai Union, Mitsubishi
  • CVC Said to Near Accord to Buy Finnish Insulation Maker Paroc
  • Oil Demand Growth This Year Seen Weakest Since 2009 by IEA
  • German Investor Confidence Falls as Growth Prospects Weaken

AM EARNS:

    • Citigroup (C) 8am, $1.12 - Preview
    • Domino’s Pizza (DPZ) 7:30am, $0.61
    • JB Hunt (JBHT), 8:30am, $0.84 (tentative)
    • Johnson & Johnson (JNJ) 7:45am, $1.44 - Preview
    • Wells Fargo (WFC) 8am, $1.02 - Preview
    • Wolverine World Wide (WWW) 6:30am, $0.59

PM EARNS:

    • Bank of the Ozarks (OZRK) 5pm, $0.39
    • CSX (CSX) 4:01pm, $0.48
    • Intel (INTC) 4:01pm, $0.65 - Preview
    • Linear Technology (LLTC) 5:01pm, $0.59

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Extends Drop From 22-Month Low as Demand Slows; Brent Falls
  • Oil Demand Growth This Year Seen Weakest Since 2009 (Correct)
  • Giant Battery Unit Aims at Wind Storage Holy Grail: Commodities
  • Rice Crop Seen Shrinking by FAO on Weather, End of Thai Subsidy
  • Tin’s Price Tumble Seen Slashing Shipments From Indonesia by 30%
  • Cocoa Rebounds After Drop Yesterday; Arabica Coffee Also Gains
  • Gold Trades Near 4-Week High as Investors Weigh Oil to Economy
  • Gold Rises Near 4-Week High as Investors Weigh Economy to Oil
  • Copper Users in Europe Likely to Seek Lower Premiums: Macquarie
  • Rubber Growers Agree to Avoid Selling at Low Prices: IRCo
  • Indian Steel Demand Said to Expand at Slowest Pace in Decade
  • Rubber Climbs Most Since May After Top Producers Price Pledge
  • Thai Gold Exchange May Offer Kilobar Trade Next Year, Jitti Says
  • Rebar Falls Most in 2 Weeks as Exports Surge Amid Overcapacity

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - 6

GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 3

THE HEDGEYE DAILY OUTLOOK - 4

EUROPEAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 7

ASIAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 8

MIDDLE EAST

 

THE HEDGEYE DAILY OUTLOOK - 9

The Hedgeye Macro Team